U.S. House subcommittee passes bill to repeal oil export ban

WASHINGTON (Reuters) - A U.S. House of Representatives subcommittee passed a bill on Thursday to repeal the U.S. ban on oil exports, providing momentum in the chamber for overturning the 40-year old trade restriction.

The House Energy and Power subcommittee passed the bill, sponsored by Republican Representative Joe Barton of Texas. It is expected to be voted on by the full Energy and Commerce committee next week.

A similar bill passed the Senate energy panel this summer, but no Democrats voted for the legislation in the committee.